Grupo CIMD

What Grupo CIMD does

Grupo CIMD is a privately-held, independent Spanish financial services group founded in 1984 and headquartered in Madrid, operating through 11 regulated subsidiaries across intermediation, asset management, securitization, energy, alternative finance, and consulting. Its core franchise is wholesale financial market intermediation: CIMD SV Brokerage has led Spanish institutional brokerage for more than 40 years, intermediating government debt, repos, fixed income, derivatives, and energy products for major European banks, securities firms, and investment funds, and operates the CIMD OTF, one of only 17 ESMA-recognized organized trading facilities in Europe. Complementary subsidiaries include Intermoney Valores (investment services), Intermoney Titulización (securitization, 161+ vehicles and EUR 138.2 billion+ volume managed), IMGA (Portuguese fund management, EUR 4.3 billion AUM and 21.5%+ market share), IM Asset Management SGIIC (alternative investments, integrated 2026), Intermoney Patrimonios (wealth management), Intermoney Consultoría and Intermoney Valora Consulting (risk, regulatory, and valuation advisory), and the Zintra Capital Credit and Healthcare platforms (alternative lending and non-recourse healthcare invoice purchasing).

Underpinning the business is a financial markets technology platform combining voice and electronic trading systems: the CIMD OTF for institutional fixed income and derivatives, an energy derivatives platform spanning Spain, Italy, France, Germany, and the Netherlands with memberships in OMIP, Meff Power, and EEX, and an eFX platform for spot and options. The Business Innovation department (established 2019) houses RegTech, the CIS market data service (100+ institutional clients), the imdi funds digital investment product, and electronic/pre-/post-trading services. Geographic footprint extends from Madrid and Barcelona to Lisbon and a DIFC-based Dubai office supervised by the DFSA for Asia, Africa, and Persian Gulf coverage.

The revenue model is diversified across transaction fees (brokerage and energy representation), recurring subscription/management fees (asset management via IMGA, Intermoney Gestión SGIIC, and IMAM), securitization and consulting professional fees, and transaction-based alternative lending. Group net revenues were EUR 83.1 million in FY2025 with EUR 46.4 million in equity and a 196.96% solvency ratio. The group operates with 431 employees, serves institutional and individual clients, and distributes through direct relationship-based sales rather than third-party channels. The company is privately held with no external institutional investors disclosed, and in February 2026 its former private equity arm (Intermoney Capital) completed a management buyout to become independent as Merus Capital.

Name

Grupo CIMD

Legal name

CORRETAJE E INFORMACIÓN MONETARIA Y DE DIVISAS, S.A.

Website

https://grupocimd.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

251–500 employees

Short description

Grupo CIMD is an independent Spanish financial services group operating 11 regulated subsidiaries that provide institutional brokerage, asset management, securitization, energy market representation, alternative lending, and consulting to banks, investment funds, renewable energy producers, SMEs, and family offices across Iberia, the UAE, and select European markets.

Ownership category

akta.pro rank

Product category

Institutional Brokerage and Financial Markets Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Investment Activities (5239)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Loan Brokers (6163), Investment Advice (6282)

akta.pro primary industry

Regulatory Change, Governance & Compliance Management (GRC) (FSACAJAK)

akta.pro secondary industry

Corporate & Institutional Trust Services (FSAAANAB)

Keywords

• Institutional brokerage services
• Securitization fund management
• Collective investment schemes
• Wholesale electricity representation
• Alternative lending factoring

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Brokerage and Intermediation: Revenue from brokerage services for institutional clients in wholesale financial markets including government debt, fixed income, derivatives, and energy products. CIMD SV operates as a securities firm intermediating between European banks and securities companies.
2. Asset Management and Fund Administration: Revenue from managing collective investment schemes, SICAVs, and alternative investment vehicles. IMGA is the largest independent fund manager in Portugal with approximately EUR 4.3 billion AUM.
3. Securitization Services: Revenue from structuring and managing securitization vehicles. Intermoney Titulización has established 161+ vehicles with total volume exceeding EUR 138.2 billion.
4. Consulting Services: Revenue from regulatory consulting, risk management, capital markets advisory, and macroeconomic research services.
5. Energy Trading Representation: Revenue from representing renewable energy producers in wholesale electricity markets and as an electricity/gas commercializer.
6. Alternative Lending and Factoring: Revenue from financing solutions including SME lending, short-term financing, and non-recourse invoice purchasing for healthcare sector.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Grupo CIMD is an independent financial services group that provides intermediation, consulting, asset management, securitization, energy market representation and alternative lending services through 11 regulated subsidiary companies. Its core activity is institutional brokerage in wholesale financial markets (government debt, fixed income, repos, derivatives, FX, energy products) via the CNMV-authorized CIMD OTF, complemented by collective investment scheme management in Spain and Portugal, securitization vehicle structuring, advisory/consulting, electricity market representation for renewable producers, and non-recourse financing for SMEs and healthcare suppliers.

Product overview

Grupo CIMD is a financial services conglomerate offering a comprehensive, multi-brand portfolio of products and services across intermediation, consulting, asset management, energy, and business innovation. The Group operates as a platform of specialized subsidiaries rather than a single unified product, including CIMD SV Brokerage as the core securities intermediation arm, Intermoney Valores for investment services, IM Gestión SGIIC and IMAM for fund management, IMGA for Portuguese market management, Zintra-branded financing and securitization solutions, W2M and AEQ for energy sector services, Intermoney Consultoría and Valora for advisory services, Business Innovation as an internal innovation hub, and CIMD Dubai for international operations. Each subsidiary operates under its own brand identity while sharing the Group's infrastructure and regulatory framework, with most entities regulated and supervised by CNMV in Spain.

Differentiator

Problem solved

Functional benefit

Products and services

• CIMD SV Brokerage Institutional securities firm providing brokerage and intermediation in wholesale financial markets (government debt, private fixed income, repos, derivatives and FX) for European banks, savings banks, securities companies and investment funds; operates the CNMV-authorized, ESMA-recognized CIMD OTF and provides membership access to OMIP, Meff Power and EEX energy exchanges.
• Intermoney Valores Investment services firm providing institutional and professional clients with independent access to fixed income and equity markets, including execution, settlement and custody.
• Intermoney Titulización CNMV-regulated securitization fund management company structuring, establishing and administering securitization vehicles (FTs) backed by mortgages, consumer loans, corporate loans, trade receivables and other assets for Spanish and international banks and large investment funds.
• Zintra Titulización Securitization fund management company specialized in structuring, establishment and administration of securitization vehicles that channel assets into capital markets.
• Intermoney Gestión SGIIC CNMV-regulated collective investment scheme (CIS) management company in Spain offering mutual fund management and SICAV administration services for institutional and individual investors.
• IM Asset Management SGIIC (IMAM) Second CIS management company of Grupo CIMD, integrated since 2026, specializing in alternative investments and real-asset management vehicles that provide diversified opportunities balancing return and risk.
• IM Gestão de Ativos (IMGA) Portuguese fund management company (acquired from Millennium BCP in 2015) and the third-largest fund manager in Portugal; largest independent manager with 21.5%+ market share and approximately EUR 4.3 billion in assets under management, managing and administering mutual funds in the Portuguese market.
• Intermoney Capital Advisory Capital markets advisory firm originating and structuring public and private debt and capital transactions (including rating advisory and strategic corporate advisory as a MARF-registered advisor) for Iberian mid-market companies in both organized and alternative markets.
• Intermoney Consultoría Specialist consultancy in three pillars — capital markets, risks/regulation and compliance — additionally providing macroeconomic research (a national and international reference) and specialist training programs.
• Intermoney Valora Consulting Financial consultancy specialized in asset valuation and risk measurement, control and management in financial and energy areas.
• Wind to Market (W2M) Independent market representative providing wholesale electricity market representation services (including control centre, telemetry and renewable origin guarantees) for renewable, cogeneration and waste generation power plants in Spain.
• AEQ National electricity supplier (commercializer) in Spain providing power to industries, SMEs, businesses and owners' associations based on fair pricing, transparency and innovation.
• Zintra Capital Healthcare CNMV-regulated non-recourse invoice purchasing platform for suppliers in the Spanish public and private healthcare sector, aimed at optimizing working capital and removing default risk.
• Zintra Capital Credit Provider of alternative financing solutions including SME lending (Triana), short-term lending (Alcántara), healthcare non-recourse factoring (Ronda Funding) and renewable energy project financing (Alameda Energy Fund).
• Intermoney Patrimonios Wealth management service for individual clients, family/business groups and family offices offering specialized and independent access to all markets and financial assets, with execution, settlement and custody services.
• imdi funds Digital long-term savings and investment service within Grupo CIMD offering advice at no additional cost and the tax advantages of Spanish mutual funds at lower cost, with a digitalized client investment process.
• CIMD (Dubai) Ltd DFSA-supervised CIMD subsidiary based in DIFC (Dubai), focusing on clients in Asia, Africa and the Persian Gulf and providing institutional brokerage, wealth management, mutual funds access and private markets services.
• CIS – CIMD Information Services CIS (CIMD Information Services) is the financial and energy market data service of Grupo CIMD, operated within its cross-cutting Business Innovation division and used by 100+ institutional clients (and validated by market regulators) for financial and energy market data.
• IM Agency Services (IMAS) Provides control and monitoring services for all types of assets, financial asset portfolios, credit rights, loans and financing operations, and acts as an authorized external control body for covered bond pools.

Quantifiable outcome

• EUR 138.2 billion+ in securitization volume managed
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Merus CapitalminorOthers · 25 February 2026Former private equity arm (Intermoney Capital) of Grupo CIMD completed a management buyout to become independent and rebranded as Merus Capital. The transition marks a strategic evolution providing greater autonomy to pursue investment opportunities in energy and technology sectors. Merus Capital currently manages two renewable energy funds worth EUR 130 million combined and is launching a third growth equity fund targeting EUR 50 million.

Scale indicators10 records

Recent moves5 records

Expansion highlights6 records

Broad incumbents

• Bankinter: Spanish universal bank with material asset management (Bankinter Asset Management) and brokerage capabilities. A broader incumbent that competes with CIMD across multiple product lines (brokerage, asset management, securitization) but does not specialize in CIMD's independent intermediation niche.
• CaixaBank Asset Management: Largest Spanish asset manager (subsidiary of CaixaBank), competing directly with Intermoney Gestión and IMGA in Spanish and Portuguese mutual funds. Broader incumbent with distribution scale that CIMD lacks as an independent.
• Banco Santander Asset Management: Global asset manager anchored by Santander's retail bank, operating across Spain, Portugal, and Latin America. Competes with IMGA in Portugal and with Intermoney Gestión in Spain, though at materially greater scale and distribution breadth.

Direct peers

• Andbank: Andorra-headquartered private banking and asset management group with strong Iberian (Spain and Portugal) presence. Directly comparable to CIMD's wealth management (Intermoney Patrimonios) and fund management (Intermoney Gestión, IMGA) franchises targeting family offices and high-net-worth clients.
• Alantra Partners: Spanish independent financial advisory and asset management firm listed on BME Growth, offering investment banking, credit portfolio advisory, and asset management. Comparable to CIMD's Intermoney Capital Advisory (debt structuring), Intermoney Gestión (asset management), and consulting arms.
• JB Capital Markets: Independent Spanish broker-dealer specializing in equity brokerage, corporate advisory, and institutional research. Comparable to CIMD SV and Intermoney Capital Advisory for institutional intermediation and capital markets advisory in Spain.
• Beka Finance: Spanish independent broker-dealer and corporate advisory firm serving institutional clients across equity, fixed income, and structured products. Comparable to CIMD SV's institutional brokerage and Intermoney Capital Advisory's debt capital markets origination.
• Renta 4 Banco: Spanish listed independent financial group offering securities brokerage, asset management (Renta 4 Gestora), and wealth management to institutional and retail clients. Closest direct peer to Grupo CIMD given overlapping intermediation, asset management, and wealth businesses focused on the Spanish market.
• A&G (Arenal Grupo): Spanish independent wealth management and asset management group focused on private banking, family offices, and institutional asset management. Directly comparable to Intermoney Patrimonios and IMGA/Intermoney Gestión for Iberian wealth and asset management.

Emerging players

• Indexa Capital: Spain's largest digital wealth manager (indexed portfolio management for retail and family offices). An emerging competitor to imdi funds and Intermoney Patrimonios in the Spanish automated-investing segment, though CIMD retains an institutional and high-net-worth client base that Indexa does not target.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CIMDIntermoney

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grupo CIMD